Olyv Secures $23 Million Series B Funding to Expand Financial Solutions
Fintech startup Olyv has successfully raised $23 million (approximately ₹208.5 crore) in its Series B funding round. The investment was led by The Fundamentum Partnership, which is backed by Nandan Nilekani, alongside participation from SMBC Asia Rising Fund, the venture capital arm of Japanese banking giant Sumitomo Mitsui Banking Corporation.
Funding Utilization and Growth Strategy
The funds raised will allow Olyv to broaden its product offerings, introducing new solutions in the areas of insurance, Unified Payments Interface (UPI), and business loans. Moreover, the company plans to enhance its brand visibility, technology infrastructure, and focus on expanding its core business into new geographical markets.
Leadership Vision for Enhanced Customer Experience
Rohit Garg, co-founder and CEO of Olyv, stated, “This funding round will enable us to grow our business, enhance our accountability partnerships, and expand our product offerings to enhance customer experience. Our long-term vision is to become a trusted and comprehensive financial partner for underbanked Indians seeking access to formal credit.”
Company Background and Historical Achievements
Founded in 2016 by Rohit Garg, Amit Chandel, Vinay Singh, and Jayant Upadhya, Olyv initially started as SmartCoin before rebranding in 2024 to reflect its expanded service offerings beyond quick loans. The company has already disbursed 70 lakh loans totaling over ₹10,000 crore in transactions, establishing a solid foothold in the fintech space. Olyv aims to grow its user base to 100 million and achieve over $1 billion in assets under management (AUM) by FY29.
Partnerships and Lending Strategy
The startup has forged partnerships with several non-banking financial companies (NBFCs) to provide quick microloans, specifically targeting middle-income salaried and self-employed individuals, particularly in non-metro areas lacking easy access to credit. Olyv’s product offerings include loans up to ₹5 lakh, facilitated through collaborations with partners like Poonawala Fincorp, InCred, Northern Arc, and PayU.
Investment Landscape in the Fintech Sector
Despite a slowdown in startup funding activities recently, the fintech sector continues to attract investor interest. In 2025, fintech startups raised approximately $2.5 billion across 120 deals, demonstrating resilience compared to other sectors. The median deal size hovered around $20.8 million, underscoring investor confidence in fintech solutions.
Future Outlook for the Indian Fintech Market
India’s fintech segment is poised for substantial growth, projected to achieve a turnover of $250 billion by 2030, with lending technology expected to represent 53% of that revenue. This expansion is buoyed by the rising adoption of credit in the Indian market, particularly for unsecured consumer loans like personal and gold loans, fueled by digitization.